How we built this list, and what we exclude
Gate Watch reports what each non-traded fund honored of the repurchase requests it received, per its own SEC filings. This page reports what each fund honored, per its own SEC filings. It describes what happened. It is not a recommendation, it is not a rating, and it draws no conclusion about any fund.
How the fund list was built
The fund list is not curated. EDGAR's quarterly full-index was read for every filer of Form SC TO-I/A since 1 January 2024 — 350 of them — narrowed to investment companies, and each one's filings were run through the parser. A fund appears here only if its filings actually parse, with every cross-check passing.
Where the numbers come from
A non-traded BDC reports the result of a tender offer in the FINAL AMENDMENT to its tender offer statement (Form SC TO-I/A): how many shares were validly tendered, how many it accepted, and what it paid. Every figure on this site comes from that document, and every figure links to it.
The checks we run before publishing a figure
Filings state the same event in different ways, and some of those ways are dangerous. One fund's dollar figure is an aggregate; another's, in a word-for-word identical sentence, is a net asset value PER SHARE. So each figure is cross-checked before it is published: every share in one offer is priced at the same net asset value, so the value implied by the request and the value implied by what was honored must agree. A filing whose figures do not reconcile is published as unread, never as a number.
Who is deliberately not here
These funds are missing on purpose, and the purpose is stated. A list that quietly drops what it cannot handle is indistinguishable from a list that never looked.
- Exchange-listed funds
- A listed closed-end fund can also prorate a tender offer — the Swiss Helvetia Fund (NYSE: SWZ) honored 33% of one — and arithmetically that is indistinguishable from a gate. It is not one: its shareholders can sell on the exchange any morning they choose. Gate Watch covers non-traded vehicles, where the periodic tender offer is the only regular way out. A listed fund on this board would be a category error presented as a finding.
- Funds that tender in dollars rather than shares
- A large family of closed-end tender funds (A&Q, AETOS, Aspiriant, CPG Carlyle and others) reports tenders as dollar amounts of 'Interests' rather than as share counts — '$1,986,825 in Interests were validly tendered'. With no share count there is no net asset value per share to reconcile the dollars against, so the cross-check that makes every other figure on this site safe cannot be run on them. They are left out rather than published unchecked.
How often this updates
The full sweep runs once a day, at 07:10 UTC. It re-reads every tracked fund's filings from EDGAR, re-runs every cross-check, and writes a health record for the run — including the runs that parse nothing, because a tick that published no figure is exactly the tick worth recording. Immediately after it, a watcher scans the previous day's EDGAR form index for new SC TO-I and SC TO-I/A filings by funds we do not yet track, which is how the list grows without anyone curating it.
Filings appear here when the fund files them, not on our schedule: a non-traded BDC's result reaches EDGAR in the final amendment several weeks after its offer expires, and an interval fund's results arrive with a shareholder report roughly two to eight months after the offer prices. A page showing nothing new for a quarter is the normal state of a fund that has filed nothing new.
Last completed sweep: Aug 6, 2026, 07:10 AM UTC. The same timestamp is on the board, which is generated by that run.
Filings we could not read
Filings we read and could not extract a figure from are listed, not hidden. A fund missing from the board because we could not read its filing is not the same as a fund that honored every request.
They are published, filing by filing, with the reason for each, in Filings we could not read on the board.
Interval funds
US registered closed-end interval funds operating under Investment Company Act Rule 23c-3 are not required to publish per-offer repurchase results promptly. Their Form N-23c-3 notifications contain prospective offer terms only. The one mandated results disclosure is the annual shareholder report: Rule 23c-3(b)(2)(ii)(B) requires the annual report (filed on Form N-CSR) to state, for each repurchase offer during the fiscal year, the repurchase offer amount, the amount tendered, and the extent of any pro rata repurchase. Consequently, per-offer results reach EDGAR only in the annual or semiannual report covering the offer — a lag of roughly two to eight months depending on where the offer falls in the fund's fiscal cycle — and the granularity varies by fund: some (e.g., PIMCO Flexible Credit Income Fund) publish full shares-tendered-vs-repurchased-vs-proration tables, while others (e.g., Cliffwater Corporate Lending Fund) report only shares/percentage repurchased, omitting the amount requested. By contrast, non-traded BDCs that conduct issuer tender offers under Exchange Act Rule 13e-4 must file a final Schedule TO amendment reporting results (tendered, accepted, proration) promptly after expiration. As of mid-July 2026, no EDGAR filing disclosed the results of Cliffwater Corporate Lending Fund's (CCLFX) Q2 2026 repurchase offer — reported by Bloomberg (June 2, 2026) as capped at 5% against about 17% of shares requested, with tendering holders getting back roughly one-third of what they asked for.
Non-traded BDCs conducting Rule 13e-4 tender offers publish results in a final SC TO-I/A amendment, usually within weeks of expiration. Interval funds' Rule 23c-3 results follow in shareholder reports months later. The two mechanics are tracked separately and never conflated on the board.
- Funds send tendering shareholders a confirmation of any proration directly. That document is not filed with the SEC and is not a source here — only EDGAR filings are.
- Rule 23c-3(b)(5) lets a fund repurchase up to an additional 2% of outstanding shares beyond the stated offer amount before prorating — so a '5% offer' can honor tenders of up to roughly 7% of outstanding shares without any proration.
Each interval fund's page therefore shows what the fund offered to repurchase and when requests were due, and — once the covering shareholder report has filed — what that report states was tendered and repurchased, at the granularity the fund chose. Where a fund's report omits shares tendered, the page says “tendered not disclosed”; the figure is never estimated, and a blank is never left where a number would be read into it.
Source: the funds' own filings on SEC EDGAR. Every section on this page is served by our own catalog endpoint, so the method published here is the method the parser runs.